Artmann, S., Finter, P. & Kempf, A. C. (2012). Determinants of expected stock returns: Large sample evidence from the German market. Journal of Business Finance & Accounting, 39(5‐6): 758- 784.
Birnbaum, S., Kallberg, G., Koutsoftas, N. & Schwartz, K. (2008). A closer examination of mutual fund flows and performance, Working Paper Series.
Carhart, M. (1997). On persistence in mutual fund performance, Journal of Finance, 52(1): 57- 82.
Dargahi, E. & Pasha nejad, Y. (2016). A look at the role and position of institutional investors in capital market. Donyaye eghtesad, No, 2843, Available in: magiran.com/n2667451. (in Persian)
Del Guercio, D. & Tkac, P. (2002). The determinants of the flow of funds on managed portfolios: Mutual funds versus pension funds. Journal of Financial and Quantitative Analysis, 37(4): 523- 557.
Doron, A. & Wermers, R. (2006). Investing in mutual funds when returns are predictable. Journal of Financial Economics, 81(2): 339- 377.
Fakhari, H. & Taheri, E. (2010). The association of institutional investors and the volatility of the return of companies accepted into Tehran securities Exchange. Financial Accounting Research Magazine, 2(4): 159-179.
(in Persian)
Fama, E. F. & French, K. R. (1996). Multifactor explanations of asset pricing anomalies. Journal of Finance, 51(1): 55- 84.
Feng, X., Zhou, M. & Chan, K. C. (2014). Smart money or dumb money? A study on the selection ability of mutual fund investors in China. North American Journal of Economics and Finance, 30: 154- 170.
Gruber, M. (1996). Another puzzle: The growth in actively managed mutual funds, Journal of Finance, 51(3): 783- 810.
Hekmat, H. (2013). The effect of previous investment funds operation on cash flow, MS Thesis, Alzahra University. Economy and social science faculty.
(in Persian)
Investment Company Institute (ICI). (2014). 2013 Investment Company Fact Book. Available at: http://www.ici.org.
Jegadeesh, N. & Titman, S. (1993). Returns to buying winners and selling losers: Implications for stock market efficiency. Journal of Finance, 48(1): 65- 91.
Jones, M. A., Lesseig, V. P. & Smythe, T. I. (2005). Financial advisers and mutual fund selection. Working paper, University of Tennessee, Chattanooga.
Keswani, A. & David, S. (2008). Which money is smart? Mutual fund buys and sells of individual and institutional investors. Journal of Finance, 63(1): 85- 118.
Lakonishok, J., Shleifer, A. & Vishny, R. W. (1992). The structure and performance of the money management industry. Brookings Papers on Economic Activity: Microeconomics: 339- 390.
Palmiter, A. R. & Taha, A. E. (2008). Mutual fund investors: Divergent profile, Columbia Business Law Review, 2008(3): 943- 1020.
Saeidi, A., Mohseni, G. & Moshtagh, S. (2010). Factors affecting the return of investment funds in capital markets. Quarterly Journal of Securities Exchange, 3(10): 123- 141. (in Persian)
Salganik, G. (2013). The smart money effect: Retail versus instutional mutual funds. Journal of Behavioral Finance & Economics, 3(1): 21- 71.
Sapp, T. & Tiwari, A. (2004). Does stock return momentum explain the smart money effect. Journal of Finance, 59(6): 57- 82.
Sirri, E. R. & Tufano, P. (1998). Costly search and mutual fund flows, Journal of Financ, 53(5): 1589- 1621.
Ul Haq, I. (2013). Investor behaviour in the mutual fund industry, PhD Thesis, Manchester Business School.
Vim Taj, M. (2012). The association of mutual funds cash flow and the volatility of market returns, MS Thesis, Allame Tabatabaei university, Accounting and management faculty. (in Persian)
Wermers, R., (2003). Is money really smart? New evidence on the relation between mutual fund flows. manager behavior and performance persistence, Working paper.
Zheng, L. (1999). Is money smart? A study of mutual fund investor’fund selection ability, Journal of Finance, 54(3): 901- 933.
)